VC firm
Refactor Capital
Also known as Refactor Apogee, Refactor Apogee, L.P., Refactor Aurora, Refactor Aurora, L.P., Refactor Cacao, Refactor Cacao, L.P., Refactor Crypto, Refactor Crypto, L.P.
- Investor type
- VC
- Investing status
- Activeas of 2026-09-17Source (opens in a new tab)
- Headquarters
- Burlingame, CA, United States
- Founded
- 2015
- Assets under management
- $300MStated by firm, as of 2026-09-17Source (opens in a new tab)
- Funds
- 16
- Check size
- $1-2MSource (opens in a new tab)
- Legal name
- REFACTOR CAPITAL MANAGEMENT, LLC
- refactor.com (opens in a new tab)
- X (opens in a new tab)
- Portfolio page (opens in a new tab)
- Team page (opens in a new tab)
Claim, correct or request removal
Record updated 29 September 2026
About
I’m Zal (rhymes with “Saul”), solo capitalist at Refactor. For over a decade, I’ve backed founders refactoring the real world.
Investment approach
- Thesis
- Refactor backs companies built on atoms. Hard is the filter. Not impossible is the faith.Source (opens in a new tab)
- Investing status notes
- I invest $1–2M in seed stage hard tech startups across the US.
Funds
- Refactor Scaleup, L.P.
- $20.7MVintage 2022, Main fund, SEC amount sold
- Refactor Mulberry, L.P.
- $2.5MVintage 2022, SPV, SEC amount sold
- Refactor Specialty, L.P.
- $3.1MVintage 2021, SPV, SEC amount sold
- Refactor Aurora, L.P.
- $2.5MVintage 2021, SPV, SEC amount sold
- Refactor Synthesis, L.P.
- $1.5MVintage 2021, SPV, SEC amount sold
- Refactor Ivy, L.P.
- $3.1MVintage 2020, SPV, SEC amount sold
- Refactor Sugar, L.P.
- $2.5MVintage 2020, Main fund, SEC amount sold
- Refactor Apogee, L.P.
- $1.4MVintage 2019, SPV, SEC amount sold
- Refactor Crypto, L.P.
- $1MVintage 2018, SPV, SEC amount sold
- Refactor Cacao, L.P.
- $20.5MVintage 2017, SPV, SEC amount sold
- Refactor Curry, L.P.
- $3.2MVintage 2016, SPV, SEC amount sold
- Refactor 5
- $50MAnnounced close
- More funds
- 4 more recorded
SEC registration
- Registered adviser
- REFACTOR CAPITAL MANAGEMENT, LLC
- CRD number
- 308137 (opens in a new tab)
- SEC file number
- 802-127607
- Registration
- Exempt reporting adviser
- Regulatory AUM
- $416Mas of 2026-03-17
- Private funds reported
- 12
- Principal office
- BURLINGAME, CA, United States
- SEC CIK
- 1674098, 1698906, 1761765
Locations
- Office
- Burlingame, CA, United States
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